Hits and misses
Presented on the very threshold of major Assembly elections this month, Budget 2022-23 is significant in eschewing self-defeating populism that was de jure. It has also in a similar vein apparently put growth over fiscal deficit worries. But then of this, ₹1 lakh-crore that was to have been borrowed by the States is now a loan to them from the Centre’s account — just a transfer of onus. The key must lie in the full and even utilisation of this kitty.
Though funds available to MSMEs have gone up substantially in this Budget, the problem till now has been with the lower end of the sector that was unable to have access.
This underscores the need for the Government’s administrative acumen to ensure the flow of funds more than its higher provisioning. The equity market is clearly very pleased with the Capex bonanza but the tax-payer has not been given relief. Given the palpable and extended inflation regime, the Government has chosen to shift much of its fiscal burden onto his shoulders.
R. Narayanan,
Navi Mumbai
The presentation is a mixed bag. In the backdrop of a discernible rise in tax revenues which have offered huge space for a hike in capital expenditure, the Finance Minister has announced a conspicuous jump of 35.4% in the outlay for capital expenditure to fund various infrastructure projects. It will augur well for our ailing economy that has been struggling to script a robust economic recovery following the havoc unleashed by the COVID-19 pandemic. If the introduction of a tax regime for the taxation of digital assets can be considered a significant step in the mainstreaming of this asset class, the announcement of the launch of a digital currency by the Reserve Bank of India (RBI) is an indication that the Government will discourage private cryptocurrencies. The Budget’s push for a transition toward a greener economy is laudable. While the Budget has underlined the need for government focus on long-term growth support, it lacks measures to boost employment generation on the ground.
M. Jeyaram,
Sholavandan, Tamil Nadu
The Budget has disappointed many. The salaried class continues to suffer without much relief or rebates. The COVID-19 pandemic has thrown the salaried class in disarray, robbing them of their savings.
P.S.S. Murthy,
Hyderabad
Apart from a digital rupee, there is hardly anything noteworthy for the middle class. I-T slabs remain unchanged. For many Indians, the cost of living remains high. The Finance Minister has only highlighted inessential plans. It is time Budgets brought a smile to the face of the middle class.
K.R. Hari Karthikeyan,
Theni, Tamil Nadu
The budgetary allocation for the AYUSH Ministry has increased over four times in the last seven years. It was ₹691 crore in 2014-15; it is ₹3,050 crore in 2022-23. Yet, there has been no substantial research output from the institutes run by this Ministry. Ayurveda continues to be perceived in some influential quarters as pseudoscientific. This underscores the fact that knowledge-production first requires a robust intellectual resource. Where there is a dearth of this vital resource, increased funding would only result in the draining of public money.
Dr. G..L Krishna,
Bengaluru
The Union Budget fails to address the basic issues that haunt the economy. All the support extended to start-ups, Micro, Small and Medium Enterprises, the defence sector, and other sectors with an emphasis on ‘Make in India’ will have the least impact on the economy or employment in the absence of vibrant, market-driven growth. Reforms in e-education, communication and digitalisation of the economy will only aid corporates and the affluent.
A.G. Rajmohan,
Anantapur, Andhra Pradesh
There does not seem to be much concern for the honest tax-paying citizen who files his returns on time. Instead, one has ‘time’ being given to taxpayers who submit incorrect returns.
Katuru Durga Prasad Rao,
Hyderabad
The criticism, especially from the Opposition, is on expected lines. Nobody appears to be bothered about the overall growth of the nation especially with the future in mind. The Budget does look ahead. And, the media needs to analyse the Budget in a positive way.
V.S. Ganeshan,
Bengaluru
